Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-07-12
TUESDAY. ........"JULY II, 1887
The state Debt.

IL would seem, Judging from the tele-
gram in our last issue on that subject,
that Sir EDWARD THORNTON and Mr..
BRArHvAITH did not until last week
report to the bondholders the result of
their visit to Virginia to confer with
the State authorities. We we're rather
amused ut their statement that there
YVES no sincere desire to settle the debt
upon any terms other than such as the
State itself might dictate 1t shows
that Sir EDWARD and his associate had
their eyes and ears open whilst they
sojOurned in this old Commonwealth.
Dictate may seem to he n harsh
word but in this connection it may be
considered as an intimatiOn that the
agents of the foreign bondholders
learned during their stay in this coun-
try enough to enable them to know that
the theory of our State and national
governments is that the United States
arc an indissoluble union of indie
struCtible States" If SO. these States
must be protected from unconstitutional
law suits, and recognized as the sole con-
trollers of their own financial affairs.
II Virginia he in very deed "an indie
structible State" she must necessarily
"dictate upon what terms She will set
Tie her debt. For if the British bond
holders, or wicked or corrupt or igno-
rant Judges, are to be permitted to "dic-
tate" terms to her, then she is mere
simuacrum Of State. The price
offered for new coupons points
with unerriDg finger TO the public ac-
ceptance of the theory that under tine
Constitution Of the United States the |
Commonwealth of Virginia has the
night to " dictate terms. Every State
must have this right. The United States
Government has this right. Itowes many |
hundreds Of millions of dollars but |
nobody claims that there is any court |
in the world which could compel that |
Government to pay one dollar of it.
IL " dictates It's own terms-that Is to
say, it is within its power to dictate its
own terms: and We think it may he
safely said that if the Confederate
States had gained their independence
UNCLE SAM would have repudiated at
least half the large debt which the war
tied upon his shoulders.
Having learned that the State OF Vlr-
GINA claims the right to dictate terms
TO her creditors, the British bondhold-
ers may come to the conclusion that
they have kept up an expensive and
unproductive war with her long
enough-too long for their own good.
Coupons have sold at a. since they
began their crusade against the people
of Virginia. Coupons are not now
worth much more than the half Of -
cents.
A most significant warning to our
British creditors, who put their trust in
such menas Judge BOND, is contained
i'll note appearing in the same issue
of the Diypofch in which was the
cablegram concerning the report Of Sir
EDWARD THORNTON and Mr.. BRNrH-
WAITE. That note informed the public
that the WHEELER a WILSON Manu-
featuring Company had some time ago
paid for their license with coupons, but
that after reflection they felt it their
duty to Tay their taxes in money, rs
they wanted the State government
maintained, and felt it could not he
maintained if everybody paid their
license in coupons; and so they with
drew their tender of coupons and paid
their license in cash money.
Let this good example be followed
by the liquor-dealers and other mer-
chants, and let the other taxpayers
continue to refuse to use coupons. and
it cannot DO long before the bondhold-
ers will have occasion to join in the
"Old Virginia never tire